Year: 2023
Type: article
Abstract: In this paper, bound choices are made after summarizing a finite number of alternatives. This means that each choice is always the barycenter of masses distributed over a finite set of alternatives. More than two marginal goods at a time are not handled. This is because a quadratic metric is used. In our models, two marginal goods give rise to a joint good, so aggregate bound choices are shown. The variability of choice for two marginal goods that are the components of a multiple good is studied. The weak axiom of revealed preference is checked and mean quadratic differences connected with multiple goods are proposed. In this paper, many differences from vast majority of current research about choices and preferences appear. First of all, conditions of certainty are viewed to be as an extreme simplification. In fact, in almost all circumstances, and at all times, we all find ourselves in a state of uncertainty. Secondly, the two notions, probability and utility, on which the correct criterion of decision-making depends, are treated inside linear spaces over R having a different dimension in accordance with the pure subjectivistic point of view.
Source: Mathematics
DOI: 10.3390/math11112498
Authors: Fabrizio Maturo, Pierpaolo Angelini
Institutions: Mercatorum University, Sapienza University of Rome
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: gold
Estimated APC paid: $2,336
OpenAlex ID: W4378714644